Renowned trader Peter Brandt said Dogecoin’s bear market, which began in May last year, has just ended.
After the market boom on 30 October, the crypto of the world-famous meme technically broke the bearish trend, which lasted for nearly 17 months.
Peter Brandt is confident about the end of the Dogecoin crypto’s bear market
Following the acquisition of the social network Twitter, by Tesla CEO Elon Musk, hope was awakened among investors that the meme coin would benefit.
Thus began the rally for the capitalization of the DOGE cryptocurrency, which lasted more than a week, leading the crypto to +150% from 25 to 29 October.
Elon Musk has repeatedly revealed that he owns more than three cryptocurrencies, including Dogecoin. Moreover, the CEO of Tesla and SpaceX, stated in June that he will continue to buy Dogecoin and support the project. So, investors know that there is a connection between Twitter, its new owner Elon Musk, and the cryptocurrency Dogecoin.
That is why the price of Dogecoin in recent weeks has risen continuously, breaking what is called “resistance” in charts. The tweet posted by Peter Brandt, shows exactly the chart where Dogecoin (DOGE) breaks the resistance, explaining that it is the signal of the end of the bear market of the most famous memecoin in the crypto ecosystem.
This is called a rising wedge in European Corn, traded at MATIF. The rising wedge is most often found as a corrective rally within a bear market.
I am NOT a fan of trendlines. I look for patterns that contain boundaries. pic.twitter.com/9Lb8zmt13T
— Peter Brandt (@PeterLBrandt) November 1, 2022
Is a new bull run on the way?
For the less experienced, veteran trader Peter Brandt wanted to specify that his prediction is nothing more than the likely end of the bear market and not the beginning of the bullish market.
The trader suggests that Dogecoin may now be in a period of sideways accumulation after a prolonged downtrend. In the tweet following the prediction, he explains precisely that it is a beginner trader’s mistake to think that at the end of a bearish phase, a bullish one immediately begins.
“A common mistake made by novice and wanna-be traders is to assume that the end of a bearish phase of a market is automatically a signal that a bullish market has begun. This assumption is very often wrong.”
Thus, according to Peter Brandt, now is not the time to think about a bull market phase for the DOGE memecoin.
But not everyone thinks the same way, other traders have seen the recent surge in Dogecoin (DOGE) as an opportunity, not only for the memecoin, but also for many other altcoins.
Indeed, many traders have already garnered returns from DOGE’s surge, and see ahead of them what looks like a real bullish phase, effective as of now, with Dogecoin pulling along with it all other altcoins (to the moon?).
The fact that $DOGE broke a 500+ day macro downtrend means that some other Altcoins may be able to do so in the future too#DOGE #dogecoin #Crypto
— Rekt Capital (@rektcapital) October 30, 2022
“The fact that DOGE broke a 500+ day macro downtrend means that other altcoins may also be able to do so in the future.”
And there are also some traders who think that Dogecoin will rise not only to $1, as was predicted but rather to $28:
If $DOGE pumps like it did in the past, that will leave us at approximately $28 per a dogecoin pic.twitter.com/oaZaygPK73
— Crypto Bitlord 🇦🇺 (@crypto_bitlord7) October 28, 2022
“If DOGE pumps as it has done in the past, this will bring us about $28 for a dogecoin.”
Who is Peter Brandt? And why should we trust his predictions?
Peter L. Brandt entered the commodities trading business in 1976 with Conti Commodity Services, a division of Continental Grain Company. From his start in the commodities business, Peter’s goal was to trade proprietary funds. But first he needed to learn the business.
From 1976 to 1979, Peter managed large institutional accounts for Conti, including Campbell Soup Company, Oro Wheat, Godiva Chocolate, Swanson Foods, Homestake Mining and others.
In 1980, Peter founded Factor Trading Co., Inc. As CEO, Peter was mainly engaged in proprietary capital trading. Factor Trading also produced market research and managed the trading activities of several large institutional clients. Among Peter’s institutional trading clients was Commodities Corporation (“CC”) of Princeton, NJ, at the time one of the largest trading houses in the world.
In 1990, Peter published his first book, entitled Trading Commodity Futures with Classical Chart Patterns.
In 2011, John Wiley and Sons published Peter’s second book, Diary of a Professional Commodity Trader. The book became Amazon’s No. 1 book on trading for 27 weeks. His first book, Trading Commodity Futures with Classical Chart Patterns, was published in 1990 and is considered a classic by many traders.
But Peter Brand became famous mainly for his prediction of Bitcoin’s collapse in 2017. A prediction that made him very well-known in the crypto worldOver the years he has been a successful trader, providing many predictions that have come true.
As such, should we pay attention to his words?
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